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Today’s Real Estate News 5-18-2011

18 May

What are the greatest risks you see in buying a residential REO property?  Let me know your thoughts on Facebook http://on.fb.me/jOieJB , on my blog, or send me an email! 

Today’s news that may be of interest to you:

Freddie Mac Offering Selling Agent Bonuses to Move REOs
DSNews | May 16, 2011
Freddie Mac announced Monday the launch of a nationwide sales promotion for its inventory of foreclosed homes.  Selling agents will receive a bonus of $1,200 for initial offers received between May 16th and July 31st with escrows closed on or before the final day of September.

$1 Billion in Commercial Real Estate Assets up for grabs in Las Vegas
HousingWire | May 16, 2011
A large auction of commercial real estate properties will go down Tuesday in Las Vegas.  About $1 billion worth of retail, multifamily, land and industrial spaces will be up for grabs online on Tuesday and Wednesday, according to the auction house hosting the event. Thursday, the third and final day of the auction, will be in person at the Cashman Center near North Las Vegas Blvd.

Signs show Strategic Default on the Decline
HousingWire | May 16, 2011
The trend of borrowers choosing to default on their mortgage when they otherwise might have been able to afford payments is on the decline, JPMorgan Chase analysts said Monday.  Definitions for what qualifies as a strategic default varies. But analysts took a deeper look in the report. One widely held requirement for strategic default is that the borrower stops making payments when the property loses equity, meaning the mortgage is worth more than the underlying home.

In these Troubled Times, More Americans come Current on their Mortgages
HousingWire | May 16, 2011
Even in an environment of declining home values, the number of Americans making good on their mortgage continues to grow.  The first-quarter national mortgage delinquency rate decreased to 6.19%, according to credit-reporting agency TransUnion. The numbers are down 3.4% from 6.41% in the fourth quarter and down 8.6% compared to 6.77% a year earlier.

Chinese Spreading Wealth Make Vancouver Homes Pricier than NYC
Bloomberg | May 16, 2011
Sales of detached homes, townhouses and condominiums in metropolitan Vancouver jumped 70 percent in February from January, to 3,097 units from 1,819, and were up 25 percent from a year earlier, according to the Real Estate Board of Greater Vancouver. In March, sales climbed 32 percent from February, to just shy of a record for the month of 4,371 transactions set in 2004. Sales increased by 80 percent from two years ago. (This is Vancouver, CA, not WA.  ~Anthony)

Investors Buzzing about Portland’s Multifamily Market
Multifamily Executive | May 12, 2011
Portland’s multifamily market has been turning a lot of heads this year, as institutional investors double down and vacancies trend below 4 percent.  About $135.2 million in multifamily has traded hands year-to-date—a gargantuan 936 percent improvement over the first four and a half months of 2010, according to New York-based market research firm Real Capital Analytics. And much of that activity has been in the Class A sector. 

From the National Association of Realtors®:

New Homes Competing Against Foreclosures
The Commerce Department reports builders broke ground on fewer homes in April as competition from bargain-priced foreclosures continue to drive down new-home sales in many markets.

It’s Getting Costlier to Insure a Home
The nation’s largest insurers are raising their rates, which is leaving some home owners confused at why they are paying more to protect a house that has dropped in value.

Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

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